Olympic hotel prices drop amid low booking numbers

Hotel News - 25/06/2012

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Rates for London hotels during the Olympic period have decreased following disappointing booking results.

Experts say the industry was overly optimistic in counting on a major booking surge ahead of the games and had priced themselves out of the market. Now, rates are dropping substantially as companies scramble to ensure no rooms go unsold during the two-week event.

One survey said late last week that rates in all price ranges have gone down over the past two weeks, with rooms that were originally listed at £210 per night now going for £160. In fact, the average price of a hotel room in London over the Olympic period spanning from July 27 to August 12 has decreased from £213 to £160, marking a drop of 24 per cent. The survey is set to be published this week, according to The Telegraph.

Despite the news, the average price is still 75 per cent higher than rates seen over the same time frame one year prior.

Online hotel booking industry figurehead Seamus Maccormaic said that the price drop is likely to lead to a major increase in the number of short-stay domestic visitors heading to London for the games.

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